Watch out wireless carriers, here comes Cablevision with a tantalizing offer that's sure to lure some subscribers away from traditional mobile phone plans. Beginning next month, the cable company will roll out a low-cost mobile phone service called Freewheel that works by piggybacking on millions of Wi-Fi hotspots.

The plan includes unlimited talk, text, and data and runs just $9.95 per month for Optimum Online customers, and $29.95 per month for everyone else. Either way, there's no annual contract to lock yourself into, though it does require purchasing a Motorola Moto G from Cablevision for $99.95.

This particular Moto G comes with special software that's been optimized for Freewheel, allowing users to bounce seamlessly between Wi-Fi networks. Users are automatically connected to Optimum Wi-Fi hotspots in the area, plus you can add any locked Wi-Fi hotspots you have access to -- just enter the password once and you're all set.

Obviously the main draw here is price. There's a lot of value to be had compared to traditional cellular plans, though at the same time, Freewheel's biggest strength is also its biggest weakness -- should you find yourself out of range of a supported Wi-Fi hotspot, you're simply out of luck.

That said, Cablevision has been building out its Optimum Wi-Fi network for the past seven years. There are now more than a million hotspots in the New York tri-state area alone. On top of that, Cablevision has partnered with other cable providers, effectively adding access to around 300,000 more Wi-Fi hotspots across the country.